Haitian authorities have said the destruction caused by Hurricane Matthew’s devastating passage over the island nation earlier this month caused nearly $2 billion in damages.

Studies by the World Bank and the Inter-American Development Bank put the estimated cost of damage and economic losses at 124 billion Haitian gourdes (€1.72 billion), officials with the Ministry of Economy and Finance told a news conference.

The storm, which killed 546 people according to official figures, battered an already fragile economy – one of the poorest in the world – with losses representing roughly one-fifth of the country’s Gross Domestic Product, the officials said.

The southern region of Haiti, considered the country’s breadbasket, was particularly hard hit by winds of 250km/h and torrential rains.

The agricultural sector alone suffered losses estimated at nearly $600 million. And more than 175,000 people lost their homes, with those losses also estimated at close to $600 million, economists say.

The devastation comes as the country is in the midst of an electoral crisis.

The first round of presidential elections in 2015 had been canceled because of massive fraud and rescheduled for 9 October of this year.

But the hurricane’s arrival forced a new postponement, with the successive rounds now set for 20 November and 29 January 2017.

The biggest challenge for election officials will be to find suitable voting sites: more than 500 schools – traditionally used on election day – were damaged or destroyed.